The earnings call highlighted several positive developments, including exceeding financial guidance, significant enrollment growth, and strategic simplification achievements. However, challenges such as the Graduate School revenue decline and a reported net loss to common shareholders were also noted. Overall, the highlights outweigh the lowlights, suggesting a positive outlook.

Company Guidance

During American Public Education's second quarter 2025 earnings call, the company provided several positive updates and metrics on its financial performance and strategic initiatives. APEI outperformed its financial guidance for the quarter, exceeding the top end of its projections for revenue, net income, EPS, and adjusted EBITDA. Total revenue for the second quarter was $162.8 million, an increase of 6.5% from the previous year, driven by strong performances at Rasmussen, APUS, and Hondros. Enrollment growth was a significant contributor, with Rasmussen and Hondros experiencing double-digit increases of 10% and 18%, respectively. The company's strategic moves included the sale of two corporate buildings for over $22 million and the redemption of preferred equity for approximately $43 million, leading to an annual savings of $6 million from eliminating cash dividend payments. Additionally, the sale of Graduate School USA was completed, aligning with APEI's focus on its core healthcare and military businesses. The company maintained its full-year revenue guidance, excluding five months of Graduate School revenue, and raised its adjusted EBITDA guidance to between $81 million and $88 million. Finally, APEI announced the appointment of James Kenigsberg as Interim Chief Innovation and Technology Officer, emphasizing investments in intelligent infrastructure and personalized digital tools to enhance the learner journey.

Outperformance in Financial Guidance

American Public Education (APEI) exceeded the top end of its guidance for revenue, net income, EPS, and adjusted EBITDA in Q2 2025. Revenue grew by 6.5% year-over-year to $162.8 million, with adjusted EBITDA increasing by 38% to $15.1 million.

Enrollment Growth at Rasmussen and Hondros

Rasmussen and Hondros reported double-digit enrollment growth of 10% and 18% respectively, contributing to expanding margins and increased profitability. Rasmussen's total enrollment grew 7.4% year-over-year, and Hondros' enrollment increased by 13.5%.

Strategic Simplification Achievements

APEI completed the sale of two corporate administrative buildings for over $22 million, removed restrictions on a $24.5 million letter of credit, and redeemed preferred equity for $43 million, saving $6 million annually in cash dividend payments.

Sale of Graduate School USA

The sale of Graduate School USA was completed, aligning with APEI's strategy to focus on core healthcare and military businesses. This move is expected to improve APEI's financial position.

American Public Education (APEI) Earnings, Revenues Date & History

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APEI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.07 / -	0.139	―	―	―
Aug 06, 2025	2025 (Q2)	0.01 / 0.10	0.051	100.00% (+0.05)
May 12, 2025	2025 (Q1)	0.29 / 0.55	-0.06	1008.33% (+0.60)
Mar 06, 2025	2024 (Q4)	0.61 / 0.76	0.64	18.13% (+0.12)
Nov 12, 2024	2024 (Q3)	0.14 / 0.14	-0.008	1837.50% (+0.15)
Aug 06, 2024	2024 (Q2)	0.07 / 0.05	-2.813	101.81% (+2.86)
May 07, 2024	2024 (Q1)	-0.17 / -0.06	-0.38	84.21% (+0.32)
Mar 05, 2024	2023 (Q4)	0.20 / 0.64	-0.35	282.86% (+0.99)
Nov 07, 2023	2023 (Q3)	-0.25 / >-0.01	-0.2	96.00% (+0.19)
Aug 08, 2023	2023 (Q2)	-0.23 / -2.81	-5.82	51.67% (+3.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

APEI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$31.53	$29.03	-7.93%
May 12, 2025	$26.04	$27.57	+5.88%
Mar 06, 2025	$19.25	$23.50	+22.08%
Nov 12, 2024	$17.32	$19.85	+14.61%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.